- Liaoning Construction Assets Operation Co., Ltd

1.  Basics

The time of establishment: Dec 23, 2002

Address: 62 Binhe Rd, Shenhe District, Shenyang, P.R.China

Corporate type: medium-sized/ wholly state-owned

The industry affiliated: construction

The scope of operation: capital operation and construction

Intangible assets: no.

Staff: 36, 9 retired, 10 with senior technological staff, (32 are on state-owned status)

2.  Corporate representative: Zhiqiang Wang

3.  Capitalization:

registered capital: 46,000,000 (100% stockholder: State-owned Assets Supervision and Administration Commission of Liaoning Province).

subsidiary companies, Liaoning City Construction Group Co.,Ltd

registered capital: 50,000,000 (state: 38,000,000 or 63.3%; private: 22,000,000 or 26.73%)

4. Current operation:

in 2004, sales revenue: 45,3420,000, profit: 107,000.

First half year in 2005, sales revenue: 41,940,000, Profit: -1,960,000.

5.  Financial state:

Until 2004, total assets: 299,780,000, total debts: 210,650,000, ownership interests: 89,130,000, account receivables: 147,050,000, account payables: 206,340,000, depreciation: 250,000, taxation due: 1,650,000

6.  State of development:

The general goals: through 3 years’ endeavor, foster the key subsidiaries to become reputable construction companies on provincial spearheaded, national well-known and international competitive; in accordance with the requests of modern enterprises system, establish a modern business management mechanism with clear ownership, perfect management and smooth operation; found an efficient and disinterested core group and foster a healthy enterprise culture with unique characteristics; lift the general strength, realize positive circle between input and output, insist on sustained development to ensure the value keeping and appreciation of state-owned assets.

7.  Ownership right transfer: no limitation to the proportion of state-owned stockto be transferred

8.  Requests to buyers:

properly handle the unsolved problems by the in-trust company: Liaoning Construction Group Co., Ltd.

9.  Contact to us:

a. Enterprise: Changjing Sun

Tel: +86 024 22924471

Fax:+86 024 22949452

Address: 62 Binhe Rd, Shenhe District, Shenyang, P.R.China

Post code: 110014

E-mail: scj50@sina.com

b. State-owned Assets Supervision and Administration Commission of Liaoning Province:

Qiong Wu, Renhe Zhao

Tel: +86 024 86903276

Fax: +86 024 86903276

Address: 45-22 Beiling Str., Huanggu District, Shenyang, P.R.China

Post code: 110032

E-mail: zcjyc@163.com

10.Declaration: all the data in this specification are shown in the account books in RMB. The net assets value of transferring stock ownership must be actual number after evaluation. This actual number will be the main basis of bottom price of market trade.